Paying extortion money is not terror funding

The Supreme Court has said in a judgment that extortion money paid to a terrorist organisation to protect one’s business is not terror funding.

Daily Current Affairs Quiz 2021

With this, Supreme Court granted bail to a Jharkhand coal transporter who had paid huge amounts to the Tritiya Prastuti Committee (TPC), a breakaway faction of the CPI (Maoist).

The Financial Action Task Force on Money Laundering (FATF) has made recommendations to members relating to counter terrorism financing (CTF). It has created a Blacklist and Greylist of countries that have not taken adequate CTF action.

FATF is an intergovernmental organisation founded in 1989 on the initiative of the G7 to develop policies to combat money laundering. In 2001, its mandate was expanded to include terrorism financing.